Estrutura de Capital e Remuneração dos Funcionários: Evidência Empírica no Brasil
This paper analyzes whether the higher the company’s financial leverage, the higher the salaries demanded by staff for the embedded financial distress risk. By applying Berk, Stanton and Zechner’s (2010) model, we use a 2SLS for a sample of 250 non-financial companies listed on BOVESPA from 2007 t...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
2015-03-01
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| Series: | RAC: Revista de Administração Contemporânea |
| Subjects: | |
| Online Access: | http://www.anpad.org.br/periodicos/arq_pdf/a_1565.pdf |
| Summary: | This paper analyzes whether the higher the company’s financial leverage, the higher the salaries demanded by
staff for the embedded financial distress risk. By applying Berk, Stanton and Zechner’s (2010) model, we use a
2SLS for a sample of 250 non-financial companies listed on BOVESPA from 2007 to 2009. Indeed, we find that
for each additional 1% of financial leverage, the staff remunerations increase by 0.26%, controlling for Chief
Executive Officer (CEO) profile. |
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| ISSN: | 1415-6555 1982-7849 |